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3 Steps to Designing a Personal Financial Map

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personal financial map | 3 Steps to Designing a Personal Financial Map

Humans always think about how they can achieve their dreams and achieve their life goals. Talking about dreams, you should not only think about how to achieve them but also start designing a map that will be a guide to achieving our life goals and dreams that we want.

Like a journey, life requires careful planning and a good mapping of where our lives will be directed, where our feet will go, how we will survive all difficulties.

These are all aimed at making it easier for us to achieve the happiness, stability, and progress that many people have always dreamed of. All of that means to achieve what we call success.

Almost everyone wants to be successful in everything they do and face, including in financial or financial terms. This means that managing finances properly will get closer to the goal of life which is none other than success.

3 Steps to Designing a Personal Financial Map

To make it easier for you to achieve financial success, you can pay attention to the 3 steps to designing a personal financial map below:

1. Change Your Mindset, Prepare a Tiered Financial Plan

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Most people think that working means making money which is then used to meet their daily needs. This is the beginning of the wrong direction that makes you need to revise your life vision in a sudden time, especially in terms of finances.

The key to the success of millionaires and people who are able to tread the direction of success in life is the ability to always pay attention to long-term plans, such as getting married and having children which of course requires absolute financial planning.

In other words, saving and investing should become a habit and culture in your daily life. You don’t want that a drastic life change will make you unhappy. Managing income, including paying attention to forms of investment and savings, is a wise way to walk the path to financially sound financial success.

To do this, you need to make and not only a weekly or monthly budget but also a long-term plan. To make your financial plan, remember that the financial plan must be tiered. Starting from the short term (1-5 years), medium-term (5-10 years), and long term (over 10 years).

Some dramatic changes can occur in the course of your financial plans, such as having children or you can stop working because of something that makes you lose income. In any case, you have to be prepared. This is where you need to have an emergency fund.

Often times we feel that managing finances is means of tightening expense management in everyday life. This is actually not quite right. You can still enjoy the lifestyle you want. Therefore, an understanding of financial planning and absolute mindset changes you learn more deeply.

2. Write Your Financial Plan and Conduct Periodic Evaluations

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We will not be able to remember everything that has happened in life at the same time. This means that we need to keep a record of what has happened in our lives. No exception in terms of financial arrangements.

The easiest way to prepare a financial plan is to write down your life goals, then write down the estimated costs you need to prepare to achieve that goal. What you want to have at the age of 30, 40, 50, from various sides you need to take into account well.

Recording financial activities can be like keeping a diary too. Our financial records will be one of the things that will guide us on the map of our own success in life. Taking time before bed to write down what we spent on the day and what we want can help us plan better and wiser actions.

This habit of recording financial activities can certainly have a positive impact on your finances. We also make good efficiency into a culture in our daily lives as we learn more from the mistakes and failures of our life management. Efficiency does not mean being stingy, but rather issuing something for a clear and effective purpose.

3. Discipline in Carrying Out Financial Plans and Prepare for the Worst Conditions Even

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A plan will only be a dream unless you carry it out with discipline. Discipline in carrying out a financial plan by following directed steps to get there will make your financial goals easier to come true.

Financial plans are often corrected when someone has children. As a parent, you are entrusted with caring for your child. Children of course do not have income, what they bring are expenses, ranging from clothes, trolley, pampers, baby boxes, formula milk, pediatricians, immunizations, nurses, wardrobes, and other small items.

Toddlers ranging from 0 to 5 years are filled with food and toys. If you are a newly married couple, you have a lot to learn about the finances that are likely to be faced in the future. Lots of discussions with more experienced people. What’s more, you also have to prepare funds for children’s education later.

Along the way, there may be one or two things that make the plan change, for example, an unexpected event, such as a layoff, illness, or divorce. This is certainly not fun, but you also have to prepare yourself for things like that too. Allocating money for such emergencies will help keep you on track.

That’s all 3 steps to designing a personal financial map that you can learn and try in your life.

Don’t Just Plan, Execute Now!

Whatever our current economic condition, there is nothing wrong with preparing a plan for the future, right? The key is 3, change the mindset about financial arrangements, then write them down in tiered financial goals and plans, and then execute them in a disciplined manner, and do regular evaluations so that the financial plans you have made are realistic to achieve.

If you already have a partner, making a financial plan cannot be done alone. It takes a commitment with a partner to create and run it together. Good luck!

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